VGP Trading Update
10 May 2024 - 3:00PM
VGP Trading Update
PRESS RELEASE Regulated Information – inside
information
10 May 2024, 7:00 am, Antwerp, Belgium: VGP NV
(‘VGP’ or ‘the Group’) today published its trading update for the
first four months of 2024, reporting important milestones and solid
growth:
- €31.9 million of new
and renewed leases signed year-to-date bringing the
annualised committed leases for the year to date
to €376.2 million1 (+ € 25.4 million compared to
31 December 2023, which is +7% YTD and +17% y-o-y). VGP has been
able to conclude a number of iconic lease agreements, predominantly
in the industrial segment in Western Europe, and is negotiating on
a significant pipeline of additional pre-let projects.
- 33 projects under construction representing
861,000 square meters (of which 11 projects totalling 188,000
square meters started up during the year) and
€56.7 million in additional annual
rent once fully built and let. The pipeline under
construction is 71.6% pre-let. The pre-let of
assets longer than six months under construction amounts to
81.3% to date. VGP estimates to initiate over
300,000 sqm of developments in the first half of ’24.
- 4 projects delivered representing 101,000
square meters, or € 7.1 million in additional annual rent,
currently fully let and a further 89,000 square meters estimated
for delivery in the remainder of the first half of 2024.
- Total secured development land bank stands at 8.4
million square meters at the end of April 2024
representing a development potential of over 3.7 million square
meters. 286,000 square meters of new development land was acquired
during the first four months of the year with the
acquisitions including, amongst others, VGP’s inaugural landplot in
Vejle, Denmark. Several other land acquisition projects are
in the pipeline.
- Completed property portfolio2 virtually fully let with
occupancy at 99% as of 30 April 2024 (compared to
99 % as at 31 December 2023). Of the € 376.2 million committed
annualized rental income, € 316.2 has become cash generative, an
increase of 4% versus December 2023. Another € 40.5 million² of
rental income is expected to start within the next twelve
months.
- Effectuated several transactions resulting in enhanced
liquidity by € 797 million:
- Executed first closing with Areim and second closing with Deka,
resulting in gross proceeds of € 489
million;
- Disposal of the Development Joint Venture LPM Moerdijk, which
resulted in € 173 million of
gross proceeds;
- Financing of VGP Renewable Energy enabled VGP to draw €
135 million at attractive conditions.
- Operational PV capacity has further increased during the first
four months of 2024 with 91 projects completed delivering
121.4MWp compared to 101.8 MWp as of Dec-23
(+18.8% YTD) .
- As per May 10th, VGP will host its annual general shareholders
meeting at its headquarters in Antwerp. Amongst others the
shareholders will vote on a dividend pay-out of €
101 million, or € 3.70
per share.
- As per April 9th, VGP published its Annual Report 2023,
including the Corporate Responsibility Report showcasing VGP’s
steps taken and KPI’s set as part of the Group’s ESG strategy.
See the full press release in the attachment
1 Including Joint Ventures at
100%. As at 30 April 2024 the annualized committed leases of the
Joint Ventures stood at €275.3 million.
2 Including Joint Ventures at
100%.
- 10 May 2024_VGP - Trading update (ENG)
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